The EU has implemented the Carbon Border Adjustment Mechanism (CBAM), which imposes import taxes on products like steel, cement, and fertilizers to strengthen the EU Emissions Trading System and prevent carbon leakage. This will have a significant impact on businesses, importers, manufacturers, and SMEs, so accountants should be aware of the implications for their clients and provide guidance on CBAM planning and declarations.
Source
- Accountancy Europe
- Factsheet Accountancy Europe – Carbon Border Adjustment Mechanism (CBAM) – Combatting carbon leakage in the EU – Download
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